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LCH.Clearnet Freight cleared volumes set more new records

London, 4 December 2007

LCH.Clearnet is pleased to announce another record month for cleared volumes in its OTC Freight Forward Agreement (FFA) clearing service. Total cleared volumes soared to over 100,000 lots in November, a rise of almost 20% over volumes seen in October, which itself doubled the previous record performance in September. Furthermore, total open interest rose by over a third to 146,000 lots.

As well as posting record total FFA cleared volumes, LCH.Clearnet also saw record cleared volumes in its wet, or tanker, contracts. November volumes increased to 11,500 lots, a 600% increase over October, accounting for a third of total cleared wet volumes.

With more and more customers signing up to the LCH.Clearnet service, clearing volumes in the dry market now account for up to 60% of total traded dry FFA volumes.  LCH.Clearnet handles over 80% of these volumes.

There are now over 20 Clearing Members in the LCH.Clearnet OTC Freight clearing service, with another four in the process of signing up. The Members themselves are extending the service to well in excess of 100 market participants. This, when combined with the significant increase in volatility, indicates that this upward trend in cleared volumes will continue, ultimately providing further liquidity for cleared counterparties.

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About LCH.Clearnet

LCH.Clearnet is currently owned 67.6% by users, 17.8% by exchanges with the balance of 14.6% being held by Euroclear. Upon completion of the Euronext share buy-back programme by 2009, the Group will be owned 73.3% by users, 10.9% by exchanges and 15.8% by Euroclear.

LCH.Clearnet is committed to operating under strict principles of non-discrimination across its user base. LCH.Clearnet serves major international exchanges and platforms, equity, exchange-traded derivatives, energy, interbank interest rate swaps markets and the majority of the Euro-denominated and sterling bond and repo markets.